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Fair Value Measurements and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.
 
June 30, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds
$
85,243

 
$
441,600

 
$
—

 
$
526,843

Equity securities
—

 
20,822

 
—

 
20,822

Commingled fixed income securities
1,713

 
19,376

 
—

 
21,089

Government and related securities
39,525

 
18,583

 
—

 
58,108

Corporate debt securities
—

 
75,557

 
—

 
75,557

Mortgage-backed / asset-backed securities
—

 
115,742

 
—

 
115,742

Derivatives
 
 
 
 
 

 


Foreign exchange contracts
—

 
308

 
—

 
308

Total assets
$
126,481

 
$
691,988

 
$
—

 
$
818,469

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Interest rate swaps
$
—

 
$
(1,605
)
 
$
—

 
$
(1,605
)
Foreign exchange contracts
—

 
(1,106
)
 
—

 
(1,106
)
Total liabilities
$
—

 
$
(2,711
)
 
$
—

 
$
(2,711
)
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 

 
 

 
 

 
 

Investment securities
 

 
 

 
 

 
 

Money market funds
$
161,441

 
$
240,364

 
$
—

 
$
401,805

Equity securities
—

 
21,979

 
—

 
21,979

Commingled fixed income securities
1,656

 
18,404

 
—

 
20,060

Government and related securities
64,572

 
17,478

 
—

 
82,050

Corporate debt securities
—

 
72,149

 
—

 
72,149

Mortgage-backed / asset-backed securities
—

 
66,339

 
—

 
66,339

Derivatives
 

 
 

 
 

 


Foreign exchange contracts
—

 
3,256

 
—

 
3,256

Total assets
$
227,669

 
$
439,969

 
$
—

 
$
667,638

Liabilities:
 

 
 

 
 

 
 

Derivatives
 

 
 

 
 

 
 

Foreign exchange contracts
$
—

 
$
(1,402
)
 
$
—

 
$
(1,402
)
Total liabilities
$
—

 
$
(1,402
)
 
$
—

 
$
(1,402
)
Schedule of Available-for-sale Securities Reconciliation
Available-for-sale securities consisted of the following:
 
June 30, 2020
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Government and related securities
$
55,576

 
$
1,289

 
$
(338
)
 
$
56,527

Corporate debt securities
71,689

 
4,558

 
(690
)
 
75,557

Commingled fixed income securities
1,692

 
21

 
—

 
1,713

Mortgage-backed / asset-backed securities
113,497

 
2,520

 
(275
)
 
115,742

Total
$
242,454

 
$
8,388

 
$
(1,303
)
 
$
249,539

 
December 31, 2019
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Estimated fair value
Government and related securities
$
80,732

 
$
1,358

 
$
(114
)
 
$
81,976

Corporate debt securities
70,426

 
2,009

 
(286
)
 
72,149

Commingled fixed income securities
1,675

 
—

 
(19
)
 
1,656

Mortgage-backed / asset-backed securities
65,679

 
960

 
(300
)
 
66,339

Total
$
218,512

 
$
4,327

 
$
(719
)
 
$
222,120
Schedule of Unrealized Holding Losses
Investment securities in a loss position were as follows:
 
June 30, 2020
 
December 31, 2019
 
Fair Value
 
Gross unrealized losses
 
Fair Value
 
Gross unrealized losses
Less than 12 continuous months
$
46,650

 
$
1,192

 
$
52,521

 
$
583

Greater than 12 continuous months
4,441

 
111

 
9,227

 
136

Total
$
51,091

 
$
1,303

 
$
61,748

 
$
719
Available-for-sale Securities
Scheduled maturities of available-for-sale securities at June 30, 2020 were as follows:
 
Amortized cost
 
Estimated fair value
Within 1 year
$
26,274

 
$
26,407

After 1 year through 5 years
56,027

 
58,709

After 5 years through 10 years
47,838

 
49,663

After 10 years
112,315

 
114,760

Total
$
242,454

 
$
249,539
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of derivative instruments was as follows:
Designation of Derivatives
 
Balance Sheet Location
 
June 30,
2020
 
December 31,
2019
Derivatives designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
$
46

 
$
207

 
 
Accounts payable and accrued liabilities
 
(214
)
 
(56
)
 
 
 
 
 
 
 
Interest rate swaps
 
Other noncurrent liabilities
 
(1,605
)
 
—

 
 
 
 
 
 
 
Derivatives not designated as
hedging instruments
 
 
 
 

 
 

Foreign exchange contracts
 
Other current assets and prepayments
 
262

 
3,049

 
 
Accounts payable and accrued liabilities
 
(892
)
 
(1,346
)
 
 
 
 
 
 
 
 
 
Total derivative assets
 
$
308

 
$
3,256

 
 
Total derivative liabilities
 
(2,711
)
 
(1,402
)
 
 
Total net derivative (liability) asset
 
$
(2,403
)
 
$
1,854
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
Results of cash flow hedging relationships were as follows:
 
 
Three Months Ended June 30,
 
 
Derivative Gain (Loss)
Recognized in AOCI
(Effective Portion)
 
Location of Gain (Loss)
(Effective Portion)
 
Gain (Loss) Reclassified
from AOCI to Earnings
(Effective Portion)
Derivative Instrument
 
2020
 
2019
 
 
2020
 
2019
Foreign exchange contracts
 
$
(121
)
 
$
(320
)
 
Revenue
 
$
(64
)
 
$
(36
)
 
 
 

 
 

 
Cost of sales
 
32

 
29

Interest rate swap
 
(1,605
)
 
—

 
Interest expense
 
—

 
—

 
 
$
(1,726
)
 
$
(320
)
 
 
 
$
(32
)
 
$
(7
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
Derivative Gain (Loss)
Recognized in AOCI
(Effective Portion)
 
Location of Gain (Loss)
(Effective Portion)
 
Gain (Loss) Reclassified
from AOCI to Earnings
(Effective Portion)
Derivative Instrument
 
2020
 
2019
 
 
2020
 
2019
Foreign exchange contracts
 
$
(281
)
 
$
25

 
Revenue
 
$
(3
)
 
$
75

 
 
 

 
 

 
Cost of sales
 
42

 
45

Interest rate swap
 
(1,605
)
 
—

 
Interest expense
 
—

 
—

 
 
$
(1,886
)
 
$
25

 
 
 
$
39

 
$
120
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location All outstanding contracts at June 30, 2020 mature within 12 months.





The mark-to-market adjustments of non-designated derivative instruments were as follows:
 
 
 
 
Three Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2020
 
2019
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
1,200

 
$
(65
)
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
 
 
Derivative Gain (Loss) Recognized in Earnings
Derivatives Instrument
 
Location of Derivative Gain (Loss)
 
2020
 
2019
Foreign exchange contracts
 
Selling, general and administrative expense
 
$
(3,667
)
 
$
5,205
Fair Value, by Balance Sheet Grouping The carrying value and estimated fair value of debt was as follows:
 
June 30, 2020
 
December 31, 2019
Carrying value
$
2,716,747

 
$
2,739,722

Fair value
$
2,156,837

 
$
2,572,794